Traders work at the New York Stock Exchange in New York, the United States, on Jan. 8, 2020. Photo:Xinhua

Chinese mainland stocks continued to come under modest pressure on Thursday, with the key Shanghai Composite Index shedding 0.52 percent, or 15.96 points, to close at 3,074.08 points. The Shenzhen Component Index finished slightly down, while the tech-heavy ChiNext index continued to outperform the market at large, ending in positive territory.

The eventual signing of a long-awaited trade deal between China and the US in the early hours of Thursday (Beijing time) is yet to translate into a big boost for stock markets in either country.  

All three major US stock indices posted record closing highs on Wednesday, but the eventual signing of the phase one deal after US President Donald Trump's verbose remarks during a signing ceremony in the White House failed to promote greater gains. Chinese mainland shares, for their part, seemed unmoved by the deal signing. 

Apparently, the markets still need time to digest the news. Interpretations of the agreement text and stories about how the deal is to be implemented as well as challenges hanging over the phase two negotiations have made the headlines. 

Still, there are positive signs on the mainland market. Despite a continuing moderation in the overall market, some of the most sought-after stocks, notably the Shenzhen-listed Foshan Saturday Shoes which led the rally in the internet celebrity sector and ArcherMind Technology,  a hotly tipped Huawei-related chip stock listed on the ChiNext market, continued to soar on Thursday after having hitting record highs. 

These upbeat signs are indicative of high-risk tolerance in the most promising sector of the market.

US stocks will have to resist the downward pressure from growing uncertainties though. While the Trump administration was celebrating the signing of the deal, the impeachment process against Trump was also well under way, as the US House of Representatives passed a resolution to send the historic case to the Senate for a trial.